Progeny 3 Inc. Boosts Stake in Daktronics, Inc. (NASDAQ:DAKT)

Progeny 3 Inc. raised its position in Daktronics, Inc. (NASDAQ:DAKT) by 27.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,284,608 shares of the technology company’s stock after purchasing an additional 489,700 shares during the quarter. Daktronics accounts for approximately 2.5% of Progeny 3 Inc.’s portfolio, making the stock its 17th largest position. Progeny 3 Inc.’s holdings in Daktronics were worth $29,494,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of Daktronics by 31.4% in the second quarter. CWM LLC now owns 3,646 shares of the technology company’s stock valued at $51,000 after purchasing an additional 872 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Daktronics by 92.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,309 shares of the technology company’s stock valued at $32,000 after buying an additional 1,108 shares during the period. Hexagon Capital Partners LLC grew its stake in shares of Daktronics by 150.0% in the second quarter. Hexagon Capital Partners LLC now owns 4,000 shares of the technology company’s stock worth $56,000 after acquiring an additional 2,400 shares in the last quarter. Anchor Capital Advisors LLC increased its position in shares of Daktronics by 1.9% during the second quarter. Anchor Capital Advisors LLC now owns 148,387 shares of the technology company’s stock worth $2,070,000 after acquiring an additional 2,778 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Daktronics by 10.9% in the second quarter. Rhumbline Advisers now owns 57,749 shares of the technology company’s stock valued at $806,000 after acquiring an additional 5,689 shares in the last quarter. 61.69% of the stock is currently owned by institutional investors and hedge funds.

Daktronics Price Performance

Shares of DAKT opened at $15.40 on Friday. The firm has a market capitalization of $713.64 million, a price-to-earnings ratio of 192.50, a PEG ratio of 0.57 and a beta of 1.14. The firm’s fifty day simple moving average is $13.69 and its 200-day simple moving average is $13.26. Daktronics, Inc. has a twelve month low of $7.20 and a twelve month high of $15.97. The company has a current ratio of 2.17, a quick ratio of 1.48 and a debt-to-equity ratio of 0.48.

Daktronics (NASDAQ:DAKT) last posted its quarterly earnings results on Wednesday, September 4th. The technology company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. The company had revenue of $226.09 million for the quarter, compared to analysts’ expectations of $216.84 million. Daktronics had a return on equity of 19.92% and a net margin of 1.29%. Equities analysts forecast that Daktronics, Inc. will post 0.89 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Singular Research raised Daktronics to a “strong-buy” rating in a research note on Monday, September 9th. StockNews.com raised Daktronics from a “hold” rating to a “buy” rating in a research report on Monday, October 14th.

Insider Activity at Daktronics

In other Daktronics news, VP Matthew John Kurtenbach sold 15,400 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $13.28, for a total transaction of $204,512.00. Following the transaction, the vice president now directly owns 2,500 shares of the company’s stock, valued at approximately $33,200. This trade represents a 86.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bradley T. Wiemann sold 25,000 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the completion of the sale, the executive vice president now directly owns 85,446 shares of the company’s stock, valued at $1,101,398.94. The trade was a 22.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.10% of the stock is currently owned by corporate insiders.

About Daktronics

Daktronics, Inc designs, manufactures, and sells electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial, and transportation applications in the United States and internationally. It operates through Commercial, Live Events, High School Park and Recreation, Transportation, and International segments.